HSBC report effective cost control in interim period 2013

HSBC Malta has reported an interim performance "in line" with the 2012 interim, in a company statement it released today.

"Balance sheet management remained strong and cost control was effective. In the difficult economic environment, the bank has seen a softening in loan demand during the period under review," secretary George Brancaleone said.

Customer deposit levels were broadly unchanged, despite continued competitive pressures. "The bank continues to focus on building a high quality asset base and, despite challenging economic conditions in the eurozone, local loan impairments have remained subdued in the first few months of the year."

The bank's available for-sale portfolio remains well diversified and conservatively positioned. The bank maintained its strong liquidity and capital position. Mark Watkinson, director and chief executive officer of HSBC Malta, said: "We have continued to deliver positive results for our shareholders against a very challenging European backdrop. Global conditions look to remain difficult for the medium term.

"However as part of one of the world's largest banking groups, operating in over 80 countries and territories, HSBC Malta is well positioned to assist its customers explore opportunities in some of the world's faster growing markets."